Wednesday, March 21, 2012

Tech Leading, Indices Consolidating - Same Old, Same Old

The market opened flat and went down towards yesterday's lows. The dip was bought again and as usual tech lead the way higher and was outperforming the other indices. Nothing new, the same bullish story we're seeing since several weeks now.

We saw price pulling back at the close, but no need to worry yet.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Metals didn't move much, all up a bit.
The euro moved higher overnight, but lost the gains and then some. Back under breakeven, but it seems to be setting up under 1.3285, which acted as support/resistance a couple of times in the recent past.
Oil was strong and spiked up twice towards the 107.50-level. Once this breaks, 108.50 is next.

EQIX went to new highs at the start of the session. Then it pulled back and started basing under 145 for most of the day. In on the break of that 145-level @145.24 with SL 144.86, averaged out 145.88. Not bad for almost 1.5 reward/risk (including commissions). But I should hold onto my stocks longer and work on my exits. Average exit should have been over 146.

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